The public issue of government bonds worth 500 million KGS has been fully sold

The first pilot issue of government treasury bonds, intended for direct sale to the public, has been fully placed. All the bonds, totalling 500 million KGS, were purchased by 810 people, who carried out a total of around 2,700 transactions.

The bulk of the issue was sold by the end of August. The final transaction for the fifth tranche took place on 26 August. However, following the completion of settlements and the reconciliation of transactions, it emerged that around 3,000 bonds remained unsold due to cancelled or incorrectly executed transactions.

Specifically, these were cases where a transaction was initially processed in the system, but the securities were not credited to the buyer’s account, after which the transaction had to be cancelled and repeated. In addition, test transactions were carried out when the mechanism was launched.

Following a final reconciliation, the remaining 3,000 securities were put up for sale again on 11 September — and were fully purchased on the same day.

Thus, the pilot ‘public’ placement of government treasury bonds totalling 500 million KGS has been fully completed.

The Ministry of Finance launched the project in June 2026 as the first issue of government bonds aimed directly at private individuals. The bonds have a maturity of two years and a yield of 17 per cent per annum, with the coupon paid quarterly. The face value of each bond was 100 KGS, and the minimum purchase amount was 1,000 KGS. The bonds could be purchased via the ‘Mega Investments’ service on MegaPay.

Initial demand was considerably lower. By the end of June, around 70 people had purchased bonds worth approximately 2.2 million KGS. At the time, representatives of the Kyrgyz Stock Exchange emphasised that the aim of the pilot scheme was not so much the speed of placement as introducing the public to a new investment instrument.

The full placement of this issue now provides the Ministry of Finance with the first practical result of its test of the retail market for government securities. When the project was launched, the possibility of expanding the programme was linked precisely to public demand for the pilot issue.